Credit cards, debit cards, and other kinds of presentation instruments have become a very popular means of making purchases. In a typical credit card transaction, a consumer presents the card at the time of a purchase. Account information is read from the card and the transaction details are transmitted to the card issuer, who has extended credit to the consumer. Upon approval, the purchase is completed, the issuer pays the merchant for the purchase, and the consumer is billed by the issuer for the purchase during the next regular billing cycle. A typical debit card transaction proceeds similarly at the point of sale, but payment is made from funds in an account associated with the debit card, rather than by the issuer. Both consumers and merchants benefit from the speed and convenience of transactions made with these kinds of presentation instruments.
Consumers also may find that such instruments are more secure than paying with cash. Many transactions require the person presenting the card to be authenticated as the rightful account holder, making it difficult for the card to be used fraudulently. Furthermore, the cardholder's liability for fraudulent charges may be limited by law. These kinds of presentation instruments are especially convenient for use when the cardholder is traveling. The cardholder need not risk carrying large amounts of cash, and currency conversions are handled automatically by the systems administering the accounts.
Because of these beneficial aspects, consumers may become dependent on their cards, especially when traveling. If a card is lost or stolen, the cardholder may be left without other means for making purchases. Even though the risk of liability for any fraudulent charges may be small, the inconvenience of a lost card may be enormous. Some card issuers recognize this problem, and provide emergency card replacements. Some advertise their card replacement speed and convenience as a way to differentiate their cards from those of other issuers.
There is accordingly a need to provide replacement presentation instruments quickly, accurately, and at low cost.